Justin Sun's Multi-Billion Dollar Bitcoin Offer To The German Government Makes Waves

The government-owned wallet is consistently selling its assets, putting pressure on Bitcoin.

Tron founder Justin Sun has offered to buy Bitcoin assets worth over $2.3 billion held by the German government. Sun stated that he wants to purchase the Bitcoin off-market to minimize the negative impact of this sale on the market. In a message sent to his 3.5 million followers on July 4, Sun said, "I am ready to discuss buying all BTC off-market with the German government to minimize the impact on the market."

Concerns about Bitcoin sales increased when a wallet associated with the German government transferred 6,500 BTC worth $425 million on June 19. The sale of these assets on exchanges could negatively affect Bitcoin's price, making the wallet closely monitored by traders. The funds, which have held approximately 50,000 BTC since February 2024, are believed to have been seized from the operator of the pirate film website Movie2k.

The BKA announced in January that it had seized 50,000 BTC in Dresden. However, it is not yet clear which authority is responsible for selling the BTC. A BKA spokesperson confirmed that the seized Bitcoin is not held by them and stated that the proceeds from the seized assets would be paid to the Treasury of the competent court.

The German government wallet has been continuously selling Bitcoin since mid-June. In the most recent transfer on July 4, it moved $172 million worth of Bitcoin to various crypto wallets. The transfer of a total of $75 million worth of Bitcoin to Coinbase, Kraken, and Bitstamp exchanges increases the likelihood that these BTC are being sold.

On July 2, the German government wallet transferred $52 million worth of BTC, with some of it sent to Coinbase, Bitstamp, and Kraken exchanges.

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